The transition from one year to the next always brings a flurry of financial activity for both individuals and businesses. While the exact items that individuals and businesses must take care of are different, the steps on how they should navigate this time of transition is largely the same. No matter what your position is, here’s how to prepare financially for the beginning of next year.
Before year’s end, make sure you’ve fully capitalized on any tax-advantaged opportunities you want to take advantage of. For individuals, this may involve maxing out account contributions, using account funds that won’t roll over and making donations. For businesses, this might be investing in capital expenditures and making donations.
In addition to any regular quarterly reports that are regularly compiled, end-of-year statements must also be assembled and gathered at this time. This may be as simple as waiting for a W-2 to come in the mail and then submitting it, or the preparation might include much more involved financial reports that businesses must file. The timing can also vary, but reports have to be completed somewhere around this time of year depending on the document.
At any point in this process or once everything is ready, individuals and businesses should meet with a certified public accountant. From filing personal income taxes to in-depth business planning for the next year, a CPA can assist with almost any financial topics that come up at this time of year.
If you need a CPA, reach out to the professionals at Brock CPA. We’d be happy to help with whatever end-of-year financial needs you have.
Daniel and the team at Brock CPA